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Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. What’s fintech? It’s subprime lending on an app — that’s American investment manager Jim Chanos, who perhaps made the remark not entirely in jest. Financial innovation is under fire, in India and other parts of the world as well. Locally, fintech companies are scrambling to make sense of a Reserve Bank of India circular that said loading credit lines into prepaid payment instruments (PPIs) such as wallets and prepaid cards is not permitted. Now PPIs can be loaded with cash, a debit from your bank account, a debit card and even a credit card. On the face of it, one is tempted to ask what’s the big deal – if you can load a PPI using a credit card, why not a credit line provided by a regulated lender? Close … [Read more...] about Moneycontrol Pro Panorama | Financial innovation: RBI walks a tight rope

- A + A BENGALURU (June 24): The Philippine peso fell for the eighth straight session on Friday (June 24) as markets feared a modest rate hike by the country's central bank may not be enough to curb surging inflation, while other Asian currencies rose against a weaker US dollar. The Bangko Sentral ng Pilipinas (BSP) stuck to a 25-basis-point increase in its benchmark rate on Thursday for a second month in a row, fearing that more aggressive tightening could compromise growth. "Concerns over the gradual pace of BSP hikes, weaker budget balance, as well as policy uncertainty under the new president could be adding to PHP drags in the interim," Maybank analysts said in a note. The peso was on track for its worst week since June 2013. It was down 2% during the week, and hovered at a more than 16-and-a-half-year intraday low notched earlier in the week. The Thai baht was 0.1% weaker intraday, touching a more than five-year low, likely pressured by portfolio outflows, … [Read more...] about Philippine peso on track for worst week in nine years; Asian stocks gain

Representative Image Dollar-rupee onshore forward premiums have seen a steady fall of late and the market has seen heightened volatility. The one-year onshore forward premium narrowed to 220 paise on June 22, its lowest level since December 2011. Currently, the one-year premium is at 244 paise compared to 356 paise at the start of this year. In the last two weeks, this has dropped by as much as 60 paise. Assessing the impact of falling forward premiums on the outlook for the rupee is important, especially against the backdrop of persistent foreign outflows, a widening trade deficit and soaring price pressures. The rupee closed at a record low of 78.3862 on June 22 and is down over 5 percent against the dollar so far this year. Also read: RBI present in forex market, will not allow jerky moves in rupee, says Deputy Governor Patra First, what are forward points? Close The forward point is the interest rate differential between two countries. These … [Read more...] about Explained | Why are dollar-rupee onshore forward premiums falling? Five key questions answered

Cruise Ship Terminal, St George's, Grenada. (Photo by Hugh Whyte via Unsplash) Launched in 2013, Grenada’s Citizenship by Investment (CBI) Program is applicable to the triad of islands - Grenada, Carriacou, and Petite Martinique. Grenada’s CBI allows individuals and their families to obtain citizenship or permanent residence. Between January and June 2020, 509 investors and their families were granted citizenship by investment. The total income from this program during this period was USD 7.7 million (Source: immigrantinvest.com). It is important to note that applicants cannot make submissions to the government on their own behalf; they must apply through licensed local agents. • Official name: Grenada • Where: An island in the Caribbean Close • Total area (including all 3 islands): 344 sq km • Population: 1.12 lakh • Capital: St George’s • Major languages: English (official), French patois • Currency: Eastern Caribbean Dollar (EC$) 1 EC$ = … [Read more...] about Immigration Central: All About Grenada’s Citizenship by Investment Program